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After 14 years of battling obstacles, be it bureaucratic or otherwise, the development of Cavo Sidero, on the north eastern region of Crete, seems to have entered its final phase. One of the biggest investment projects in the history of Greek tourism, the site is the 29.5 square kilometer peninsula to the north east of Crete.
Minoan Group, the organization which has undertaken this ambitious project, confirmed the reported progress. The architectural firms have already begun work on the planning of the group’s first village of the project, which has been termed Grandes Bay.
Nearly 40 million Euros have been spent for the drafting of the business plan, and the total investment can be estimated to be around 1.2 billion Euros. Cavo Sidero is going to contain 7,000 beds, in a total of six tourist villages.
The village sites will cover less than 1% of the total 29.5 square kilometers involved. The project is expected to create employment for around 3,500 people.
In the area of Messinia, Peloponnese, other luxury resort hotels are announced to be built, close to the Airport of Kalamata.